• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Kochi, Aug. 25

Federal Bank has introduced Federal Tax Savings Deposit Scheme with a maturity period of five years. In accordance with the recent Central Government notification, amount invested in this scheme by individuals is eligible for tax rebate under Section 80 C of the Income Tax Act, the bank said in a press release. The deposit can be opened with a minimum amount of Rs 100 and in multiples up to Rs 1 lakh per year. The bank now offers eight per cent compound interest on this deposit, which works out to an effective return of 9.72 per cent. Senior citizens are eligible for 0.5 per cent higher interest. The deposit cannot be withdrawn prematurely or be pledged to secure loan or any other liability, the release said.

More Stories on : Fixed Deposits | Income Tax | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Three banks get nod for PD business

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line